Range Impact, Inc. reported a significant decline in financial performance for the fiscal year ending December 31, 2024, with revenues dropping to $9.0 million from $19.3 million in the previous year, marking a decrease of approximately 53.4%. The company also experienced a gross loss of $884,128, a stark contrast to the gross profit of $6.2 million reported in 2023. This downturn is attributed primarily to reduced mining activity and the failure of a subcontractor, which led to a substantial decrease in coal production and sales. Additionally, the company faced a loss on the sale of assets amounting to $3.7 million, alongside a goodwill impairment charge of $751,421.
In terms of operational changes, Range Impact underwent several strategic developments, including the acquisition of Collins Building & Contracting, Inc. in August 2023, which was later sold back to its previous owner in August 2024. The company also divested its drug development assets, ceasing its involvement in cannabinoid pharmaceuticals. As of March 28, 2025, Range Impact employed 18 full-time staff, a reduction from previous years, reflecting the company's ongoing restructuring efforts.
The company’s operational segments have been redefined, with the Range Natural Resources segment being separated from the Range Reclaim segment to provide clearer insights into performance. However, the overall operational landscape remains challenging, with Range Environmental currently servicing only one customer at a large mining complex in West Virginia. The company is actively seeking to expand its customer base and improve engagement metrics, but faces significant competition and market pressures.
Looking ahead, Range Impact has expressed concerns regarding its ability to continue as a going concern, given its cash balance of $167,286 and projected operating losses. The company is actively pursuing additional financing to support its operations and is exploring opportunities for geographic expansion and new customer acquisition. However, the outlook remains uncertain, with substantial risks related to market conditions, operational efficiency, and the ability to attract and retain qualified personnel. The company’s future performance will depend heavily on its ability to navigate these challenges and successfully implement its impact investing strategy.
About RANGE IMPACT, INC.
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